The following is from Julia's web site and printed catalog:
"9. RESERVES: Some items in this auction may carry a conservative reserve.Therefore, the auctioneer may bid on behalf of the owner or for the auction house. The purchaser will be the highest bidder acknowledged by the auctioneer. Please note that when a lot carries a reserve, the reserve is usually somewhere below the low estimate in the catalog. Actual reserve figures cannot be divulged, but we will tell you if an item carries a reserve should you ask."
Looks like Mr. Mitchell may be right, at least on some lots, you could be bidding against the owner and/or the auction house and not know it unless you ask.
James
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